We introduce a doubly stochastic method for performing material failure theory based forecasts of volcanic eruptions. The method enhances the well known Failure Forecast Method equation, introducing a new formulation similar to the Hull-White model in financial mathematics. In particular, we incorporate a stochastic noise term in the original equation, and systematically characterize the uncertainty. The model is a stochastic differential equation with mean reverting paths, where the traditional ordinary differential equation defines the mean solution. Our implementation allows the model to make excursions from the classical solutions, by including uncertainty in the estimation. The doubly stochastic formulation is particularly powerful, in that it provides a complete posterior probability distribution, allowing users to determine a worst case scenario with a specified level of confidence. We apply the new method on historical datasets of precursory signals, across a wide range of possible values of convexity in the solutions and amounts of scattering in the observations. The results show the increased forecasting skill of the doubly stochastic formulation of the equations if compared to statistical regression.